Synopsys posts financial results for Q3 fiscal year 2011

MOUNTAIN VIEW, USA: Synopsys Inc. has reported results for its third quarter of fiscal year 2011. For the third quarter of fiscal year 2011, Synopsys reported revenue of $386.8 million, compared to $336.9 million for the third quarter of fiscal 2010, an increase of 14.8 percent.

"Synopsys delivered strong revenue, earnings per share, and cash flow in the third quarter, and we are confident that we will exit fiscal 2011 with a great deal of strength," said Aart de Geus, chairman and CEO of Synopsys. "Design activity continues unabated, driven by demand for mobile devices, cloud infrastructure, and electronics content in many every-day products. Synopsys is integral to the success of these end markets."

GAAP results
On a generally accepted accounting principles (GAAP) basis, net income for the third quarter of fiscal 2011 was $52.1 million, or $0.35 per share, compared to $39.3 million, or $0.26 per share, for the third quarter of fiscal 2010.

Non-GAAP results
On a non-GAAP basis, net income for the third quarter of fiscal 2011 was $68.1 million, or $0.46 per share, compared to non-GAAP net income of $58.2 million, or $0.39 per share, for the third quarter of fiscal 2010.

Q4 of fiscal year 2011 targets
Revenue: $386 million-$392 million
GAAP expenses: $329 million-$341 million
Non-GAAP expenses: $300 million-$305 million
Other income and expense: $0-$1 million
Tax rate applied in non-GAAP net income calculations: 24-25 percent
Fully diluted outstanding shares: 146 million-150 million
GAAP earnings per share: $0.26-$0.31
Non-GAAP earnings per share: $0.44-$0.46
Revenue from backlog: greater than 90 percent.

Full fiscal year 2011 targets
Revenue: $1.531 billion-$1.537 billion
Other income and expense: $3 million-$4 million
Tax rate applied in non-GAAP net income calculations: 22-23 percent
Fully diluted outstanding shares: 148 million-152 million
GAAP earnings per share: $1.46-$1.51
Non-GAAP earnings per share: $1.79-$1.81
Cash flow from operations: greater than $400 million.